Palm Beach County Breaks Annual $10M+ Home Sales Record
September 16, 2026
Palm Beach County set a new annual record for $10 million-plus home sales in just eight months this year, underscoring the continued strength of its luxury market and the significant wealth migration driving activity across South Florida, according to August 2026 statistics released by MIAMI REALTORS® + RWorld, the MIAMI MLS, and BeachesMLS.
Palm Beach County recorded 170 $10M+ home sales through August 2026, which tops the old annual record of 169 set last year. Palm Beach County is projected to finish with 255 $10M+ home transactions by year-end, which would be 50.9% higher than the previous record.
“Palm Beach County is heavy cash and high demand,” MIAMI REALTORS® + RWorld Palm Beach Regional Vice President Stacy Plean said. “The world’s top CEOs and firms continue moving here, and it’s not just because of taxes. It’s because of our lifestyle, our Fintech hub, our global connections, pro-business government, and more.”
Top Palm Beach County rankings/stats:
- West Palm Beach ranked No. 1 All-Cash Home Buying Market in the U.S. via Redfin
- Palm Beach ranked No. 3 in the world in prime property price growth in the last five years via Knight Frank Wealth Report 2026
- West Palm Beach ranked No. 2 in America’s Fastest-Growing Millionaire Hub via USA Wealth Report 2025.
Palm Beach County Mid-Market Single-Family Home Sales Increase
Palm Beach County mid-market $500K to $600K single-family home sales rose 5% year-over-year in August 2026, from 144 to 151.
Total home sales decreased 4.5% year-over-year to 1,899 transactions in August 2026. The decrease is due to elevated mortgage rates and lack of inventory in certain price points. Palm Beach County total home sales had increased year-over-year for 11 consecutive months before August 2026.
Single-family home sales decreased 2% year-over-year in August 2026, from 1,135 to 1,112.
Condo transactions declined 6.71% year-over-year to 765.
The sales total doesn’t include South Florida’s new construction, pre-construction and condo conversion sales because they are largely not reported in the MLS. But MIAMI led the charge to publish two new construction reports.
International buyers purchased 49% of new South Florida construction, pre-construction, and condo conversion sales over an 18-month period ending in July 2025, according to MIAMI REALTORS® first-ever New Construction Global Sales Report in collaboration with industry leaders.
Our second New Construction Global Sales Report, published in November 2025, showed an increase in global sales and buyers from 73 countries, according to the MIAMI REALTORS® November 2025 Global Sales Report in collaboration with industry leaders.
The lack of Federal Housing Administration loans for many existing Miami condominium buildings is preventing further market strengthening. Of the 2,397 condominium buildings in Miami-Dade, Broward, and Palm Beach counties, only 21 are approved for FHA loans, according to statistics from the U.S. Department of Housing and Urban Development.
Just 0.9% of South Florida condo buildings are approved for FHA loans.
Fannie Mae and Freddie Mac eliminated the limited review option for many condo loans on Aug. 3, 2026. For decades, Florida condominium borrowers and owners faced stricter lending standards and higher financing hurdles than those in many other states. The updated guidelines are expected to create a more transparent and financially secure lending environment.
Palm Beach County Condominium Sale Prices Have Appreciated 233% Since 2010
Palm Beach County condo prices have increased 233% since 2010, from $90,000 to $300,000.
Condo median sale prices increased 5.26% year-over-year in August 2026, from $285,000 to $300,000. Condo inventory is declining year-over-year, which will put upward pressure on prices.
Palm Beach County single-family home median sale prices increased 3.17% year-over-year in August 2026, from $630,000 to $650,000.
Palm Beach County single-family home prices have risen 189% since 2010, from $225,000 to $650,000.
MIAMI REALTORS® + RWorld continues to support cross-sector stakeholder solutions – like removing obstacles to permitting and zoning, funding the Florida Hometown Heroes Program, and creating pathways for accessory dwelling units (ADUs) – to facilitate both the creation and preservation of safe and affordable housing.
Miami’s surging multifamily market and the Florida Live Local Act should boost affordability in the future. Southeast Florida ranks No. 1 in the U.S. for most multifamily construction, according to MIAMI REALTORS® Research. This is important because it adds more overall housing/apartment supply to a city, creates more affordability, and adds to Miami’s economic growth.
Florida’s Live Local Act, which was passed in 2023 and amended in May 2024, is encouraging developers to build more affordable housing. The Live Local Act gives developers the highest density allowed in a local area if they allocate 40% of their units for affordable housing. The state law defines an affordable unit as being at or below 120% of an area’s median income.
Miami remains a bargain in comparison to other global cities. For $1M, homebuyers can purchase 58 square meters of prime property in Miami, according to the 2026 Knight Frank Wealth Report. That is almost four times more than Monaco (16 square meters), nearly two times more than New York (34) and London (33), and more than Paris (37) and Tokyo (37) and more.
Mortgage Rates Climb over 7%
The benchmark 10-year Treasury yield is at its highest level in 19 years as oil prices surge from the Iran conflict. The Federal Reserve is expected to raise interest rates on Wednesday.
According to Freddie Mac, the 30-year fixed-rate mortgage was 6.67% in August 2026. But rates have climbed since the start of September, with rates at 7.17% as of Sept. 15, 2026.
“With mortgage rates poised to remain above 6.7% through year-end, expect more cash and high-end buyers to drive the South Florida real estate market and for well-priced homes to sell quickly,” MIAMI REALTORS® + RWorld Chief Economist Gay Cororaton said.
Total Palm Beach County Inventory Declines for Seventh Consecutive Month
Total active listings at the end of August 2026 decreased 20.1% year-over-year, from 12,661 to 10,115. Decreasing supply means more buyer competition and upward price pressure.
Inventory of single-family homes decreased 23.80% year-over-year in August 2026, from 5,702 active listings last year to 4,345 last month.
Condo inventory declined for the seventh consecutive month. Condominium inventory decreased 17.09% year-over-year in August 2026, from 6,959 to 5,770 listings during the same period in 2025, but the total is still significantly below pre-pandemic.
Months’ supply of inventory for single-family homes is 3.5 months, which indicates a seller’s market. Inventory for existing condominiums is 6.7 months, which indicates a balanced market. A balanced market between buyers and sellers offers between six and nine months’ supply.
Nationally, total housing inventory is 1.62 million units, according to NAR. That is up 5.9% from August 2025. There is a 4.9-month supply of unsold inventory, unchanged from one year ago.
Palm Beach County Real Estate: $242 Million in Local Economic Impact
Every time a home is sold, it impacts the economy: income generated from real estate industries (commissions, fees, and moving expenses), expenditures related to home purchase (furniture and remodeling expenses), multiplier of housing-related expenditures (income earned as a result of a home sale is re-circulated into the economy), and new construction (additional home sales induce added home production).
The total economic impact of a typical Florida home sale is $129,000, according to NAR. Palm Beach County sold 1,877 homes in August 2026 for a local economic impact of $242 million.
Palm Beach County total dollar volume increased 19.47% year-over-year in August 2026 to $1.7 billion.
Single-family home dollar volume increased 24.89% year-over-year to $1.4 billion. Condo dollar volume increased 3.05% year-over-year to $358 million.
Palm Beach County Distressed Sales Remain at Historic Lows, Reflecting Healthy Market
Only 1.4% of all closed residential sales in Palm Beach County were distressed last month, including REO (bank-owned properties) and short sales.
Short sales and REOs accounted for 0.4% and 1%, respectively, of total Palm Beach County sales in August 2026.
State & National Sales
In Florida, closed sales of single-family homes statewide totaled 21,497 in August 2026, down 1.4% year-over-year, while existing condo-townhouse sales totaled 7,291, down 1.8%.
The statewide median sales price for single-family existing homes was $415,000, up 1.2% year-over-year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $298,000, up 2.8% vs. last year. The median is the midpoint; half the homes sold for more, half for less.
Nationally, total existing home sales decreased 1.2% year-over-year to a seasonally adjusted annual rate of 3.98 million, according to NAR. Median existing home prices increased to $429,100, up 1.6% from one year ago ($422,400) – the 38th consecutive month of year-over-year price increases.
Palm Beach County Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 95% in August 2026. The median percent of original list price received for existing condominiums was 93%.
The median number of days between listing and contract dates for Palm Beach County single-family home sales was 40 days, up from 46 days last year. The median time to sale for single-family homes was 81 days, up from 88 days last year.
The median number of days between the listing date and contract date for condos was 69 days, up from 74 days. The median number of days to sale for condos was 108 days, up from 112 days.
Palm Beach County Cash Sales More Than National Figure
Cash sales represented 48.1% of Palm Beach County closed sales in August 2026, compared to 45.5% in August 2025. About 27% of U.S. home sales are made in cash, according to the latest NAR statistics.
Cash buyers are not deterred by rising rates. The high percentage of cash buyers reflects South Florida’s top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash, as well as some moving from more expensive U.S. markets who can buy more with their profits from real estate sales.
Cash sales accounted for 57.2% of all Palm Beach County existing condo sales and 41.8% of single-family transactions.
Source: https://rworld.com/blog/palmbeach-may-2026-9ncg4-nk5m8-d6d32
